The income tax act defines Income tax and laws related to income tax. It covers income tax levy, collection, administration, and recovery. Income tax acts and income tax laws get changed/updated from time to time. Read our Latest News and Updated on the Income-tax act and Articles on the income tax act to understand the income tax act and its sections. Read our articles to understand income tax act section 10, income tax act section 24, income tax act section 54, income tax act section 80c, income tax act 44ad, income tax bare act, etc.
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The Finance Act, 2004 introduced section 111A in the Income-tax Act, 1961 (the Act) prescribing a tax rate of 10 percent on Short Term Capital Gains (STCG) arising from sale of shares on or after 1 October 2004 on a stock exchange which are subject to Securities Transaction Tax (STT).
Conflicting decisions of the Income-tax Appellate Tribunal (the Tribunal) concerning similar payments in the case of Asia Satellite Telecommunications Co. Ltd. v. DCIT [2003] 85 ITD 478 (Delhi ITAT) and DCIT v. Pan AmSat International Systems Inc. [2006] 9 SOT 100 (Delhi ITAT) led to the constitution of the Special Bench of the Delhi Tribunal. It was held that payments made by telecasting companies to satellite companies for telecommunication or broadcasting constitutes royalty under provisions of the Income-tax Act, 1961 (‘the Act’) as well as various tax treaties.
Recently, the Delhi Bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Ranbaxy Laboratories Ltd. has held that the difference between the market price and the issue price of the shares offered to employees under the Employee Stock Option Scheme (ESOP) is not an allowable expenditure since the loss incurred due to issue of shares at a discount is a notional loss and such notional loss cannot be considered as an allowable expenditure under the provisions of the Income-tax Act, 1961 (the Act). Though it was mandatory to record it as an expenditure as per the Securities Exchange Board of India (SEBI) guidelines.
The agitation by the revenue is that the assessee company was not entitled to deduction under section 10A as the CIT (A) failed to appreciate the fact that the assessee had commenced manufacture, production of software prior to its registration as STPI and the STPI authorities had granted approval
As per the Development Control Regulations of the Municipal Corporation of Greater Bombay, 1991 (‘DCR’), in the case of redevelopment of existing buildings, an additional FSI is granted tothe land owner. The additional FSI can be utilised in the following manner:
Special Bench of the Income Tax Appellate Tribunal, New Delhi in the case of Cheminvest Ltd. (ITA Nos.87Del//2008, 4788/Del/2007 and 233/Ahd/ 2006) holds that expenditure relating to exempt income to be disallowed even if assessee has not earned any tax-free income.
The Income-tax Appellate Tribunal, Delhi in the case of Triton Holdings Ltd. vs Dy. Director of Income Tax, Deharadun (ITA Nos. 2541 to 2559/Del/2009) held that the tax paid by employer on the behalf of employees should be considered as a non-monetary perquisite in the hands of the employees for the purpose of claiming an exemption under section 10(10CC) of the Income-tax Act, 1961 (‘the Act’).
The Delhi Bench of the Income – tax Appellate Tribunal (Delhi Tribunal), in the case of Vertex Customer Services (India) Pvt. Ltd. (the taxpayer) held that exclusion of provision of doubtful debts from the operating expenses being a debatable issue and considering full disclosure made by the taxpayer; the taxpayer could not be held liable for penalty.
Recently, the Himachal Pradesh High Court in the case of CIT v. Maggronic Devices Pvt. Ltd. [2009-TIOL-568-HC-HP-IT] held that payment made by the taxpayer to a Singapore company for outright purchase of plant and product knowhow cannot be considered as ‘Royalty’ within the provisions of the Income-tax Act, 1961. Accordingly, no tax was required to be deducted while making payment to the Singapore company for acquiring such know-how outside India.
The government is likely to ease the incidence of minimum alternate tax, or MAT, on infrastructure companies. The department of revenue plans to change the proposed direct tax code to exempt these companies from MAT for the first few years since they execute projects with long gestation periods. The code, in its current form, says all companies must pay MAT based on their gross asset value. In the case of infrastructure companies, this is very high since their asset base is huge. “It is oneof the proposals we are looking at,” a senior finance ministry official told.
